Mobile app technology company AppLovin made its Nasdaq debut on Thursday starting with an estimated market cap of about $24 billion. President and CFO Herald Chen said the company will use the funds to continue the growth of the business.
AppLovin provides application developers the opportunity to promote, monetize, and publish games in the Apple and Google Play stores.
"The hardest part, though, is to get through the app store. There's millions of games being developed and there are billions of mobile phones and there are these two app stores you need to get through," Chen told Cheddar. "So you really need a great marketing engine to match those users with the right content, and that's what we do."
He said the company's public debut marks an opportune time for day traders and the like to invest as the future of the company looks bright.
"This ecosystem is extremely large. It's fragmented. We are a very large player in the category," he said. "We've had very good growth, our fourth quarter grew over 80 percent, and we continue to gain momentum."
AppLovin specializes in mobile game development and promotion and has become a leader in the field through various acquisitions, which Chen noted are always strategic with the goal of "building our trajectory for growth."
Mobile gaming, however, is not the ceiling for AppLovin, according to Chen. The CEO said that there is an opportunity for the company to expand into health and wellness, fintech, and even e-commerce. He also noted that the company's potential for profitability on a consistent quarterly basis lies in its ability to remain cash-flow positive, allowing the company to reinvest in itself.
AppLovin's stock fell after its debut from $70 to around $65 a share in afternoon trading.
Seth Schachner, Managing Director at StratAmericas, weighs in on Spotify earnings and why that headline-grabbing deal with Joe Rogan could be worth that $250 million.
Mitch Roschelle, Managing Director at Madison Ventures, shares why investors may be waiting longer than expected for those interest rate cuts, and why he’s watching tech, oil, and homebuilder stocks.
Amazon saw 24% growth in their Thursday Night Football audience in 2023. Subscribers will be rewarded with even more sports, but not without enduring more ads — unless they pay extra, of course.
Low unemployment + 350 thousand new jobs in January = ...more layoffs? A bunch of tech and retail companies have laid and are laying off employees after a nationwide hiring surge during the pandemic.
The most magical place on Earth wants a protective order to keep Gov. Ron DeSantis' appointees from knowing how the magic happens. A federal judge dismissed a separate Disney lawsuit last week.
Just days before the 49ers and Chiefs play in Las Vegas, Joe Pompliano, Investor at Pomp Investments and author of the Huddle Up Newsletter, discusses why he thinks this could be the most-watched Super Bowl in history.
Chris Versace of Tematica Research LLC shares his thoughts on Jerome Powell's latest comments, the timing of those crucial rate cuts, and what semiconductor stocks he's watching closely.
We battle an onslaught of advertising every time we scroll through social media. Deinfluencers propose a less pricey, more honest approach to how we shop online. Could they convince us to spend less?
